DNA sequencing is the process of determining the precise order of the nucleotides in DNA. Genome sequencing helps us to understand the genetic biology and has vast potential for medical diagnosis and treatment. DNA sequencing technologies have gone through at least three "generations": Sanger sequencing and Gilbert sequencing were first-generation, pyrosequencing was second-generation, and Illumina sequencing is next-generation.

Advancements in NGS platforms, declining costs of genome sequencing and growing incidence of cancer and increasing applications of NGS in cancer research are the key factors supporting the growth of the market.

Continuous technological innovations in sequencers have enabled the introduction of efficient, portable, and easy-to-use NGS platforms, capable of providing rapid and accurate results and boasting improved turnaround times. The introduction of such products and the technologies behind them provides an immediate competitive edge to players; as a result, prominent companies are increasingly focusing on the research and development of such products to strengthen their market positions and shares.

Many countries are investing in their own national population sequencing programs to understand the link between genetics and diseases. Government organizations are sequencing millions of genomes to advance research and help develop better ways to diagnose and treat cancer, rare diseases, and other conditions. As a result, large sequencing projects can be expected to provide lucrative growth opportunities for market players, given the high-scale adoption of NGS instruments and the use of consumables required in such efforts.

In January 2020, the Department of Biotechnology (DBT) initiated the “Genome India Project” (GIP). The project aims to collect 10,000 genetic samples from citizens across India to build a reference genome. Some of the areas of focus of this project are precision health, rare genetic disorders, mutation spectrum of genetic and complex diseases in the Indian population, genetic epidemiology of multifactorial lifestyle diseases, and translational research.

In September 2019, a whole-genome sequencing project of USD 224 million was created, forming a partnership of pharmaceutical firms and health experts, which will examine and sequence the genetic code of 500,000 volunteers at the UK Biobank, based in Stockport, UK. The project aims to improve health through genetic research and improve the prevention, diagnosis, and treatment of a wide range of serious and life-threatening illnesses, including cancer, heart diseases, diabetes, arthritis, and dementia.